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The Product Space
The Product Space is a network that formalizes the idea of relatedness between products traded in the global economy. The network first appeared in the July 2007 issue of ''Science'' in the article "The Product Space Conditions the Development of Nations,"〔C.A. Hidalgo, B. Klinger, A.-L. Barabási, R. Hausmann, ''Science'' 317 (2007).〕 written by César Hidalgo, Bailey Klinger, Ricardo Hausmann, and Albert-László Barabási. The Product Space network has considerable implications for economic policy, as its structure helps elucidate why some countries undergo steady economic growth while others become stagnant and are unable to develop. The concept has been further developed and extended by The Observatory of Economic Complexity, through visualizations such as the (Product Exports Treemaps ) and new indexes such as the Economic Complexity Index (ECI), which have been condensed into the Atlas of Economic Complexity.〔http://www.atlas.cid.harvard.edu/book/〕 From the new analytic tools developed, Hausmann, Hidalgo and their team have been able to elaborate predictions of future economic growth.
==Background==
Conventional economic development theory has been unable to decipher the role of various product types in a country's economic performance.〔A. Hirschman, ''The Strategy of Economic Development'' (Yale University Press, New Haven, CT, 1958).〕〔P. Rosenstein-Rodan, ''Econ. J'' 53, 202 (1943).〕〔K. Matsuyama, ''J. Econ. Theory'' 58, 317 (1992).〕 Traditional ideals suggest that industrialization causes a “spillover” effect to new products, fostering subsequent growth. This idea, however, had not been incorporated in any formal economic models. The two prevailing approaches explaining a country’s economy focus on (a) the country’s relative proportion of capital and other productive factors〔E. Heckscher, B. Ohlin, ''Heckscher-Ohlin Trade Theory,'' H. Flam, M. Flanders, Eds. (MIT Press, Cambridge, MA, 1991).〕 or (b) differences in technological capabilities and what underlies them.〔P. Romer, ''J Polit. Econ.'' 94, 5 (1986).〕 These theories fail to capture inherent commonalities among products, which undoubtedly contribute to a country’s pattern of growth. The Product Space presents a novel approach to this problem, formalizing the intuitive idea that a country which exports bananas is more likely to next export mangoes than it is to export jet engines, for example.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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